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May 11, 2009

GSI Technology Q4 net income down

Net revenues were $13.64m compared to $15.21m for the fourth quarter of 2008

By CBR Staff Writer

GSI Technology, a provider of high-performance static random access memory products, has reported a net income of $1.2m, or diluted net income per share of $0.04, for the fourth quarter ended March 31, 2009, compared to $2.81m, or diluted net income per share of $0.1m, for the same quarter of 2008.

For the fourth quarter of fiscal 2009, net revenues were $13.64m, compared to $15.21m for the same quarter of 2008.

For the fiscal year 2009, net revenues were $62.11m, compared to $53.2m for fiscal 2008. Net income was $9.29m, or diluted net income per share of $0.33, compared to $6.77m, or diluted net income per share of $0.24, for the year 2008.

Lee-Lean Shu, chairman and CEO of GSI Technology, said: The sequential decline of approximately $665,000 in military/defense sales was not unexpected; nor was the decline of $1.1 million in sales to Cisco Systems, given Cisco’s earlier announcement that it anticipated substantially lower sales in our quarter ended March 31, 2009. These declines, however, were partially offset by a $1.8 million increase in sales to Huawei Technologies, the result of acceleration in the 3G build-out in China.

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